G20 Summit: As he arrived in Indonesia on Monday for the G20 Summit, British Prime Minister Rishi Sunak urged for concerted international action to confront global economic instability and counteract the behaviour of a “rogue state” like Russia.
Russia is attempting to “asphyxiate the global economy,” Sunak
In a five-point action plan for the Group of 20 of the greatest economies in the world, Sunak claimed that Russia is attempting to “asphyxiate the global economy” as they convene in Bali this week. The UK emphasises that it comes at a time when nations all over the world are experiencing severe economic challenges and inflationary pressures, which are directly linked to or made worse by Russian President Vladimir Putin’s “illegal invasion” of Ukraine.
Sunak said in a statement on Monday, “At the G20, leaders need to step up to fix the weaknesses in the international economic system which Putin has exploited for years.”
In an article he writes, “Russia is trying to asphyxiate the global economy. We must join together to stop them in their tracks and restore economic stability.”
He remarked, “Global food prices have been hit by Vladimir Putin’s attempts to choke off Ukrainian grain exports ” two-thirds of which go to developing countries. Energy bills have skyrocketed thanks to Russia turning off the gas taps… We will not let our economic future be held hostage by the actions of a rogue state ” and nor will our allies. Instead, we will stand with Ukraine and we will work to deliver on each element of this five-point plan, promoting free markets and a global economy that is stronger, more stable and more resilient, and that delivers a faster return to growth.”
Also Read: G20 Summit: PM’s Advice on Ukraine Crisis, “Ceasefire, Diplomacy”
Sunak’s proposal for leaders to deal with the current global instability
Changes to the world energy market, the world food supply, and the international financial system are all part of his proposal for leaders to deal with the current global instability.
The five actions include providing honest, dependable financing to help developing countries grow sustainably, ending the “weaponisation” of food production and distribution with immediate action to support the global food trade to lower living costs, reducing energy dependence on Russia, opening up global trade by advancing bilateral free trade agreements and through reform of the World Trade Organization (WTO), and reducing energy dependence on Russia.
Sunak who is likely to meet PM Modi at the G20 Summit, said, “There is no doubt that the war in Ukraine is fuelling the challenges facing countries across the world. That’s why as I hold my first meetings with Joe Biden, the US President, and other leaders during the summit, we will be clear that discussions about how we can continue to back Ukraine are inseparable from those on how we can strengthen our collective economic security.”
India, the United States, the United Kingdom, the European Union, China, Russia, Australia, Canada, Saudi Arabia, South Africa, Turkey, Argentina, Brazil, Mexico, France, Germany, Italy, Indonesia, Japan, and South Korea are all members of the Group of Twenty (G20). Next month, India will succeed Indonesia as the country’s current leader.
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